Wells Fargo & Company Issues Positive Forecast for nVent Electric (NYSE:NVT) Stock Price

Key Points

• Wells Fargo raised its nVent Electric price target to $190 from $182 while maintaining an “equal weight” rating, implying roughly 50% upside from the reported current price.
• Analyst sentiment is broadly positive: nVent has a consensus “Buy” rating and an average price target of $198.71, with targets ranging from $200 at Goldman Sachs to $210 at Evercore.
• nVent reported stronger-than-expected quarterly results, with EPS of $1.52 versus the $1.40 consensus and revenue of $1.51 billion; sales increased 43.7% year over year.

nVent Electric (NYSE:NVT - Get Free Report) had its price target upped by analysts at Wells Fargo & Company from $182.00 to $190.00 in a report released on Monday, Benzinga reports. The firm currently has an "equal weight" rating on the stock. Wells Fargo & Company's price objective suggests a potential upside of 50.21% from the stock's current price.

NVT has been the subject of a number of other research reports. The Goldman Sachs Group reissued a "buy" rating and issued a $200.00 price objective on shares of nVent Electric in a research note on Saturday, August 1st. KeyCorp restated an "overweight" rating on shares of nVent Electric in a research note on Monday. Clear Str upgraded nVent Electric to a "strong-buy" rating in a research note on Monday, July 13th. Weiss Ratings lowered nVent Electric from a "buy (b)" rating to a "buy (b-)" rating in a research report on Friday, October 23rd. Finally, Evercore restated an "outperform" rating and set a $210.00 price target on shares of nVent Electric in a research report on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $198.71.

nVent Electric Price Performance

NYSE NVT opened at $126.49 on Monday. nVent Electric has a 12-month low of $93.22 and a 12-month high of $184.64. The firm's 50 day moving average is $152.88 and its 200-day moving average is $144.35. The company has a market capitalization of $20.47 billion, a PE ratio of 30.74, a price-to-earnings-growth ratio of 0.65 and a beta of 1.35. The company has a quick ratio of 1.93, a current ratio of 2.40 and a debt-to-equity ratio of 0.53.

nVent Electric (NYSE:NVT - Get Free Report) last released its quarterly earnings data on Friday, October 30th. The company reported $1.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.40 by $0.12. The company had revenue of $1.51 billion during the quarter, compared to analysts' expectations of $1.43 billion. nVent Electric had a return on equity of 20.82% and a net margin of 12.84%. The business's revenue was up 43.7% on a year-over-year basis. During the same period last year, the firm posted $0.91 earnings per share. Equities research analysts anticipate that nVent Electric will post 5.38 earnings per share for the current fiscal year.

Insider Transactions at nVent Electric

In other nVent Electric news, CEO Beth Wozniak sold 46,261 shares of the firm's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $164.42, for a total transaction of $7,606,233.62. Following the completion of the sale, the chief executive officer directly owned 55,612 shares in the company, valued at approximately $9,143,725.04. This trade represents a 45.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Randolph Wacker sold 22,525 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $164.62, for a total transaction of $3,708,065.50. Following the sale, the chief accounting officer owned 27,441 shares of the company's stock, valued at approximately $4,517,337.42. This represents a 45.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 74,644 shares of company stock valued at $12,276,886 in the last three months. 1.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the company. Amundi raised its position in nVent Electric by 146.8% during the first quarter. Amundi now owns 1,092,802 shares of the company's stock valued at $129,257,000 after acquiring an additional 649,992 shares in the last quarter. First Trust Advisors LP raised its position in shares of nVent Electric by 32.8% during the 1st quarter. First Trust Advisors LP now owns 1,696,369 shares of the company's stock valued at $200,647,000 after buying an additional 419,239 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in nVent Electric by 961.7% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 335,231 shares of the company's stock valued at $53,761,000 after buying an additional 303,656 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of nVent Electric by 130.3% in the first quarter. Arrowstreet Capital Limited Partnership now owns 501,362 shares of the company's stock valued at $59,301,000 after buying an additional 283,671 shares in the last quarter. Finally, Swedbank AB grew its holdings in shares of nVent Electric by 46.8% in the first quarter. Swedbank AB now owns 854,040 shares of the company's stock valued at $101,016,000 after purchasing an additional 272,379 shares in the last quarter. Hedge funds and other institutional investors own 90.05% of the company's stock.

nVent Electric Company Profile

nVent Electric plc is a global provider of electrical connection, protection and management solutions. The company designs and manufactures products that help protect electrical and electronic systems, manage heat, and support the installation and operation of critical infrastructure.

Its products include electrical and electronic enclosures, industrial cooling and thermal-management systems, cable management and fastening solutions, grounding and bonding equipment, busway and power-distribution products, and related connection technologies.

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